Paul Craig Roberts Quotes

The unjustified swelling of the budgetary deficit and the accumulation of public debts are just as destructive as adventurous stock-jobbing.

Solving a problem created by debt... by creating more debt is a fool's errand.

Everybody’s kicking the can down the road of too much public and private debt. The can is becoming heavier and heavier…

How about we all stop paying our mortgages! It's a moral hazard.

America is the brokest country in history. We owe more money than anyone has ever owed anyone. And Obama and Reid say relax, that's no reason not to spend more - because the world hasn't yet concluded we have no intention of paying it back. When they do, the dollar will collapse.

It's the reason why so many people left Britain like I did in the mid 60s because Britain was exactly the same then as America is today, getting ready to redistribute social wealth and it didn't work. You've seen that in places like Greece, Portugal, Iceland, Ireland where the entire country's business has collapsed, gone bankrupt. That's where America is heading.

The immense and ever increasing sums which the state wrings from the people are never enough for it; it mortgages the income of future generations, and steers resolutely toward bankruptcy.

The fact that we are here today to debate raising America's debt limit is a sign of leadership failure... It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.

The course of unbalanced budgets is the road to ruin

The US is not a superpower. The US is a financially dependent country that foreign lenders can close down at will. Washington still hasn’t learned this. American hubris can lead the administration and Congress into a bailout solution that the rest of the world, which has to finance it, might not accept.

The right hon. Gentleman will be known for ever as the only Chancellor in the post-war period who brought this country to the brink of bankruptcy.

We've been taught in America that big is best. That's why people have to believe that they must live in the greatest country in the world, which is absolutely idiotic.

We're a me-me-me generation. We're borrowing the savings of every nation in the world. We're ... piling up a big tab. Now, I may think we're too big to have a run on us. You may think that. But it's possible that God does not.

It is folly to believe that Congress and the president, on their own, will make the necessary and difficult decisions to address the impending financial debacle. After all, they and their predecessors engineered the approaching tsunami. As the situation becomes direr, the federal government's actions will grow more oppressive.

We are now speeding down the road of wasteful spending and debt, and unless we can escape we will be smashed in inflation.

When people get this consciousness of the way things are supposed to be in America - that the locus of agency is in them, that they are supposed to be the ones setting the agenda - if people believe this, they get very energized. Yeah, it's annoying to have this extra burden of saving the country.

If some lose their whole fortunes, they will drag many more down with them . . . believe me that the whole system of credit and finance which is carried on here at Rome in the Forum, is inextricably bound up with the revenues of the Asiatic province. If Those revenues are destroyed, our whole system of credit will come down with a crash.

I have never seen more Senators express discontent with their jobs....I think the major cause is that, deep down in our hearts, we have been accomplices in doing something terrible and unforgivable to our wonderful country. Deep down in our heart, we know that we have given our children a legacy of bankruptcy. We have defrauded our country to get ourselves elected.

It is more or less clear that one idea which should emerge from the crash, whatever happens with the attempts to save the banks from bankruptcy and people from being evicted from their homes, is that this kind of life is unsustainable. We cannot go on like this... something must be done.

America's in deep trouble. We don't know what we're doing when it comes to devaluations and all of these countries all over the world, especially China. They're the best, the best ever at it. What they're doing to us is a very, very sad thing.

Financial experts are saying we are entering a new chapter in the American economy. I believe it's Chapter 11.

We are mortgaging ourselves to foreigners on a scale that would make George Washington cry. Every day - every single day - we borrow a billion dollars from foreigners to buy petroleum from abroad, often from countries that hate us. We are the beggars of the world, financing our lavish lifestyle by selling our family heirlooms and by enslaving our progeny with the need to service the debt.

Electrical fire and the fire of greed kindle economies. In that flux, nations become digitized commodities on stock-exchange floors and on investors' rating screens. A country becomes a product to be rated for its obedience to paying of deficits and debts.

Science knows no politics. Are we in this frenzy of [the Depression] economy, brought about by those who control the wealth of this country, seeking to put a barrier on science and research for the paltry sum of $39,113 out of an appropriation of $100,000,000?